ClearTax will use the funds to accelerate growth, bolster engineering infrastructure and teams, and push for further sales and marketing of the tax filing and investment platform.

Tax filing and investment startup ClearTax on Tuesday said it had raised $50 million (approximately Rs 370 crore) as a part of its Series B round of financing from Hong Kong-based Composite Capital. Without taking names, the company also said existing investors would be participating in the round, taking the total funding to Rs 400 crore.

The company will use the funds across three major areas, including accelerating the growth trajectory of the platform by acquiring more businesses and consumers; bolstering their engineering infrastructure and teams; and pushing for further sales and marketing of the platform.

Archit Gupta, Founder and CEO, ClearTax

ClearTax claims that more than 2.5 million users have used its tax filing services this financial year (FY19) alone. The company projects that it will take this number to roughly 4 million by the end of this financial........